Though the union government’s decision to demonetise Rs. 500 and Rs. 1,500 currency notes was predominantly welcomed initially, the inappropriate implementation of the scheme had defeated the benefits and stifled business transactions, Tamil Nadu Chamber of Commerce and Industry has said.
Stating that the government’s objective should be to unearth black money and not put the public in distress, the chamber has said that the initial excitement was now turning into frustration. In a press statement issued on Saturday, the chamber has pointed out the main cause of concern was the non-availability of Rs. 100 and the new Rs. 500 denomination notes in banks.
“Most of the ATMs are yet to become fully functional. When people exchange currencies, only Rs. 2,000 notes are given, which does not help meet daily needs as they will not get change anywhere,” said S. Rethinavelu, senior president of the chamber.
The chamber also said in the statement that wholesale traders were facing trouble since their clients, mainly retail businesses, were paying the daily collections in Rs. 500 and Rs. 1000, which cannot be accepted now as they were no longer legal tender.
The chamber has demanded that the traders be allowed a window till December 15 to collect their business outstandings in old Rs. 500 and Rs. 1000 denominations. It also made a demand that deposits made by individuals up to Rs. 5 lakh should not be scrutinised.
“When people exchange currencies, only Rs. 2,000 notes are given”
